Here's Why the CRV Correction is Over | Credit: Hameem Sarwar
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Key Takeaways
The Curve DAO Token (CRV) price trades under long-term resistance.
The CRV price previously broke out from two diagonal resistances.
Can CRV sustain its positive momentum and break out again in August?
Curve DAO Token (CRV) is starting to show some real strength after a long stretch of lagging behind the market.
With two breakout moves since late 2023, it is eyeing a critical resistance level that has been in place for years.
If this momentum continues, CRV could be setting up for a major rally.
CRV’s Bullish Breakouts
The CRV price has not performed well in the current cycle, barely registering an upswing since the 2022 lows.
This all changed in December 2023. The CRV broke out from a diagonal resistance trend line, leading to a nearly 400% price increase and a high of $1.30 in December.
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There is a massive gulf of resistance overhead, so if CRV breaks out, it could quickly become parabolic.
Momentum indicators are also bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have surpassed their bullish thresholds at 50 and 0, respectively.
So, the weekly time frame technical analysis gives a bullish Curve DAO Token price prediction. Once CRV closes above $1.10, the rally could become vertical, quickly taking the price to $3.
CRV Price Analysis
The weekly time frame analysis points to a breakout, and the daily one suggests the move that triggers it has already started.
Beginning in April, CRV completed a five-wave upward movement and an A-B-C correction (red).
Since the resistance trend line coincides with the $0.91 resistance area, a breakout above both will confirm the correction is over and new highs are likely.
Room to Run
CRV looks like it’s gearing up for another big move, especially if it can break above the $1.10 mark.
That level has capped the price for years, and clearing it could open the door to a fast move toward $3.
With a strong technical analysis behind it, CRV might just be getting started.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
